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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

As of December 31, 2023

($ in thousands)


											Cost			Gross Amount Carried
					Initial Cost to Company						Capitalized			at Close of Period														Depreciable
								Building and			Subsequent to						Building and						Accumulated			Date		Life
Location		Encumbrances			Land			Improvements			Acquisition			Land			Improvements			Total⁽¹⁾			Depreciation			Acquired		(Years)
Detroit, MI		$	31,961	⁽²⁾	$	29,086		$	—		$	—		$	29,086		$	—		$	29,086		$	—		2017		N/A
Dallas, TX			3,736	⁽²⁾		1,954			—			—			1,954			—			1,954			—		2017		N/A
Dallas, TX			4,151	⁽²⁾		2,751			—			—			2,751			—			2,751			—		2017		N/A
Atlanta, GA			7,577	⁽²⁾		4,097			—			—			4,097			—			4,097			—		2017		N/A
Milwaukee, WI			3,633	⁽²⁾		4,638			51,323			—			4,638			51,323			55,961			8,672		2017		40	⁽³⁾
Washington, DC			5,190	⁽²⁾		1,484			—			—			1,484			—			1,484			—		2017		N/A
Minneapolis, MN			1,452	⁽²⁾		716			—			—			716			—			716			—		2017		N/A
Durango, CO			16,604	⁽²⁾		1,415			17,080			—			1,415			17,080			18,495			3,666		2017		35	⁽³⁾
Rohnert Park, CA			19,300	⁽²⁾		5,869			13,752			—			5,869			13,752			19,621			3,668		2017		32	⁽³⁾
Salt Lake City, UT			55,312	⁽²⁾		8,573			40,583			—			8,573			40,583			49,156			8,024		2017		34	⁽³⁾
San Diego, CA			38,084	⁽²⁾		5,077			24,096			—			5,077			24,096			29,173			5,033		2017		33	⁽³⁾
Seattle, WA			40,000	⁽²⁾		7,813			45,562			—			7,813			45,562			53,375			11,216		2017		30	⁽³⁾
Los Angeles, CA			57,936	⁽²⁾		72,836			—			—			72,836			—			72,836			—		2017		N/A
Los Angeles, CA			62,764	⁽²⁾		68,140			—			—			68,140			—			68,140			—		2017		N/A
Atlanta, GA			—			6,300			—			—			6,300			—			6,300			—		2017		N/A
Washington, DC			23,100	⁽²⁾		27,354			—			—			27,354			—			27,354			—		2018		N/A
Orlando, FL			7,800	⁽²⁾		6,626			—			—			6,626			—			6,626			—		2018		N/A
Raleigh-Durham, NC			11,940	⁽²⁾		4,502			—			—			4,502			—			4,502			—		2018		N/A
Atlanta, GA			9,882	⁽²⁾		8,478			—			—			8,478			—			8,478			—		2018		N/A
San Diego, CA			—			8,168			—			—			8,168			—			8,168			—		2018		N/A
Washington, DC			10,000	⁽²⁾		15,217			—			—			15,217			—			15,217			—		2018		N/A
Phoenix, AZ			—			5,996			—			—			5,996			—			5,996			—		2018		N/A
Washington, DC			—			21,478			—			—			21,478			—			21,478			—		2018		N/A
Miami, FL			6,000	⁽²⁾		9,170			—			—			9,170			—			9,170			—		2018		N/A
Miami, FL			2,471	⁽²⁾		3,735			—			—			3,735			—			3,735			—		2018		N/A
Washington, DC			95,000	⁽²⁾		121,100			—			—			121,100			—			121,100			—		2018		N/A
Nashville, TN			17,500	⁽²⁾		13,505			—			—			13,505			—			13,505			—		2018		N/A
Portland, OR			—			3,641			—			—			3,641			—			3,641			—		2019		N/A
San Antonio, TX			10,000	⁽²⁾		2,103			836			—			2,103			836			2,939			121		2019		40
Riverside, CA			—			11,399			—			—			11,399			—			11,399			—		2019		N/A
San Ramon, CA			—			19,635			—			—			19,635			—			19,635			—		2020		N/A
Washington, DC			—			44,883			—			—			44,883			—			44,883			—		2020		N/A
North Carolina			—			168			—			—			168			—			168			—		2023		N/A
North Carolina			—			226			—			—			226			—			226			—		2023		N/A
North Carolina			—			203			—			—			203			—			203			—		2023		N/A
Tennessee			—			252			—			—			252			—			252			—		2023		N/A
Tennessee			—			436			—			—			436			—			436			—		2023		N/A
Tennessee			—			147			—			—			147			—			147			—		2023		N/A
Tennessee			—			185			—			—			185			—			185			—		2023		N/A
North Carolina			—			245			—			—			245			—			245			—		2023		N/A
North Carolina			—			299			—			—			299			—			299			—		2023		N/A
Tennessee			—			291			—			—			291			—			291			—		2023		N/A
Tennessee			—			453			—			—			453			—			453			—		2023		N/A
Tennessee			—			461			—			—			461			—			461			—		2023		N/A
Real estate available and held for sale
Various			—			978			8,733			—			978			8,733			9,711			—		2023		N/A
Total ⁽⁴⁾		$	541,393		$	552,083		$	201,965		$	—		$	552,083		$	201,965		$	754,048		$	40,400

(1)	The aggregate cost for Federal income tax purposes was approximately $1.0 billion as of December 31, 2023.

(2)	Pledged as collateral under mortgages.

(3)	These properties have land improvements with depreciable lives from 7 to 12 years.

(4)	Includes real estate available and held for sale.

The following table reconciles real estate and real estate available and held for sale for the years ended December 31, 2023, 2022 and 2021 (in thousands):


		For the Years Ended December 31,
		2023			2022			2021
Beginning balance		$	740,971		$	740,971		$	752,420
Acquisitions⁽¹⁾			14,585			—			—
Sales⁽¹⁾			(1,508)			—			—
Transfer to net investment in sales-type lease			—			—			(11,449)
Ending balance⁽²⁾		$	754,048		$	740,971		$	740,971

(1)	Represents real estate available and held for sale.

(2)	Includes real estate and real estate available and held for sale.

The following table reconciles accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 (in thousands):


		For the Years Ended December 31,
		2023			2022			2021
Beginning balance		$	34,371		$	28,343		$	22,314
Additions			6,029			6,028			6,029
Ending balance		$	40,400		$	34,371		$	28,343